Self-reliance is a hallmark of the LDS church, and financial self-reliance is at the heart of it all. The church went through some difficult financial times in its infancy, and it took decades for church leaders to finish paying off its debts. Since 1907, the church as an organization has been debt free.

So, how important is it for individual church members to be self-reliant? Very. It’s not easy, though. If you’re having trouble working toward self-reliance, whether it’s financially, spiritually, or emotionally, here are some quotes to give you a little motivation. [Read more…]

We live in a world with wars and rumors of wars, pain and devastation, heartache, and many hardships. It can often feel like we’re fighting a battle between us and the world.

We’ve been taught that we can win this battle if we put our trust in the Lord and keep his commandments. But as humans, we tend to sabotage ourselves in many ways: our confidence, faith, callings, health and nutrition, and our finances.

This world is hard enough as it is without us making it harder. Here are just a few ways you might be sabotaging your financial self-reliance. [Read more…]

Multi-level marketing is a touchy subject in Utah. On the one hand, it’s the second largest industry in the state behind tourism, according to one KUTV report. Some might even say it’s the unofficial world capital of MLM companies.

On the other hand, people who have been burned by an MLM company or have seen loved ones get burned, can’t stand the thought of them.

Having worked for an MLM company on the corporate side, I’m firmly on the side of the latter. [Read more…]

Survivalism has become more and more popular over the last ten years. Reality shows like “Doomsday Preppers” and “Independence USA” have turned terms like long-term food storage and survival skills into buzzwords.

Mormons have been “prepping” for decades, although not necessarily for an end-of-the-world scenario. Rather, long-term food storage is simply a part of the church’s principles of self-reliance and emergency preparedness.

But while we know that LDS leaders recommend it, the “why” and “how” can be a little fuzzy. [Read more…]

Self-reliance is a major hallmark of the LDS church. And as with many major hallmarks of the church, society trends in the opposite direction. Exhibit A: More Millennials are living with their parents than in any other living arrangement, according to a recent analysis of census data. I don’t know about you, but that’s not a trend I’d like to see continue as my kids get older.

I’m not completely against the idea of living with parents, especially if it’s a dire situation. My wife and I lived with her parents shortly after we graduated from college, but we had an exit plan. We tried not to take their help for granted and we always tried to pitch in financially, even when we were jobless. We’re grateful for what they did for us.

I’d like to think we had that attitude because we were both taught some principles of self-reliance while growing up. Here are just a few things we’ve both learned:

1. Give them an allowance

Your kids will never learn how to manage money if they never have it. Giving them an allowance is an opportunity for you to teach them the value of money. A couple things to note, though. First, they have to earn it. Paying your kids for not getting the job done properly may teach them they can expect to do the same thing in the real world.

Second, be realistic. Your child isn’t going to earn $20 an hour flipping burgers at Wendy’s. But if you pay them that much for similarly simple tasks like mowing the lawn or babysitting, you could set unrealistic expectations. Giving them an allowance for shoddy work or overpaying them for simple tasks can condition them to come back to you for help when real life doesn’t do the same.

2. Loan them money

For many kids, student loans are their first experience with debt. Because of this, it’s hard for them to truly understand all the costs of debt. When I was 15 years old, I wanted a computer. The problem was that I had $750 less than what that computer cost. So my dad offered me a $750 no-interest loan with no set payment period.

I don’t remember how long it took me to pay it off, but I know that it took longer than it should have. Every time I got a paycheck, I wanted to keep the money for myself. He’d knock off a little here or there as I helped him with major projects around the house. After a while, the burden of the debt weighed on me and I’ll never forget the feeling I had when I finally paid off the loan.

I’m sure it was frustrating for him to see how unreliable I was, but I learned from the experience. The liberation was sweet and made me realize that the computer wasn’t actually worth the stress or the price tag. Later in college, I worked full-time while going to school full-time to avoid student loans because I knew the pain of debt — and I successfully did that until we got married.

3. Teach them to save

When my wife was young, her parents encouraged her to live the 10/50/40 rule. She donated 10% of her income in tithing, saved 50% for a mission and could spend the remaining 40% however she wanted. Their plan even made it into the Church News back in 1996 (under Bill Herlin).

My wife’s parents never forced it, and there were times where she didn’t follow the rule strictly. But the end effect was that she had thousands of dollars saved up when we got married (she decided not to serve a mission). That extra cash saved us a lot in student loan debt.

Saving is important, but be sure to teach your kids to have a goal to save for — something important to them. Saving for something you don’t care about is pointless and makes it drudgery.

4. Resist the urge to spoil

We all love our kids and we want them to be happy. But if we’re not careful, we might condition them to think that happiness comes in the form of things. This specific example comes to mind:

It’s not likely anyone reading this would go to these lengths to spoil their kids. But it’s still a good thing to step back and check yourself. Ask yourself: How does my child show gratitude when I give them something or do something for them? Do they just expect it and take it for granted? Obviously, you know your kids best so you’re the best one to make that judgment call. But be honest with yourself. The last thing you want is to unleash little freeloaders on the world.

5. Lead by example

As I’m sure you know by now, your kids are watching your every move and easily pick up some of your habits along the way.

Train up a child in the way he should go: and when he is old, he will not depart from it. – Proverbs 22:6

Whether you’re not teaching your kids how to manage money, or you are but you’re not walking the walk yourself, they’ll follow your lead. Strive to lead by example and they’ll be more likely to develop the habits themselves.

They still have their agency

In the end, your children can still make their own choices. You can teach them perfectly and they still have the agency to disregard it all. That said, the responsibility still lies with you to teach them principles of financial self-reliance, for the sake of society and their future families.

And hey, if you end up keeping your basement vacant for the most part, I’d say the time was well spent 😉

Hello and welcome! I'm Ben and I run Latter-day Finance. I've been eating, sleeping, and breathing personal finance ever since I first picked up Dave Ramsey's Total Money Makeover in 2009. I believe that managing money well is essential to a fulfilling life. Learn more about me here.

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Latter-day Finance is not affiliated with or sponsored by the Church of Jesus Christ of Latter-day Saints. The opinions in this blog represent the opinion of the author and are not meant to represent the teachings or doctrines of the Church of Jesus Christ of Latter-day Saints. Nor are the opinions endorsed or recommended by the LDS Church.

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The posts on this blog are based on my opinions and personal experiences. Do your own research and consider consulting a financial advisor before making financial decisions. There may be paid advertisements on this website. You are under no obligation to purchase the products or services advertised on this website.